29 August 2019 Morning Session Analysis
Dollar ‘stunned’ ahead of GDP data.
Dollar index which gauge its value against a basket of six major currencies hovered around 98.15 while investors keep an eye on today’s significant economic data GDP. Earlier today, San Francisco Fed President Mary Daly commented that she is now still remain in a ‘wait and see’ mode as the current US economy is well positioned and growing slightly above trend. However, uncertainties and risk of recessions are still lingering around the global economy development, urging the Fed to further their rate cut in short term. Daly also reiterated that they will observe more economic data to determine their next policy move in September Federal Reserve rate meeting. As of writing, dollar index quoted down 0.04% to 98.17. On the other hand, the pair of GBP/USD rose 0.06% to 1.2215 after hitting one week low level amid PM Johnson’s suspension plan caused dissatisfaction. Yesterday, plan of delaying parliament closing period which proposed by Boris Johnson has been approved by the Queen, prompting political jitters in Britain. The intention behind the move by Boris’s government was to restrict Member of Parliament in UK from blocking and protesting against a no deal Brexit.
As for commodities market, crude oil price depreciates by 0.32% to $55.70 per barrel despite EIA crude oil inventories data showed an optimistic reading where came in at -10.027M versus -2.112M. Sentiment of oil market is still remain sour as market concern over negative effect of deepening trade war between US and China. Besides, gold price inched up 0.02% to $1540.65 a troy ounce amid dollar’s weaken.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 15:55 | EUR – German Unemployment Change (Aug) | 1K | 4K | – |
| 20:30 | USD – GDP (QoQ) (Q2) | 2.1% | 2.0% | – |
| 20:30 | USD – Initial Jobless Claims | 209K | 215K | – |
| 22:00 | USD – Pending Home Sales (MoM) (Jul) | 2.8% | 0.1% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level at 98.00. MACD which illustrate bullish bias momentum suggest dollar to extend its gains toward the resistance level at 98.40.
Resistance level: 98.40, 98.65
Support level: 98.00, 97.50
GBPUSD, H4: GBPUSD was traded lower while currently testing the 50 moving average line (Blue). MACD which illustrate bearish bias momentum suggest the pair to extend its losses after successfully breakout below the 50 moving average line (Blue).
Resistance level: 1.2220, 1.2255
Support level: 1.2170, 1.2085
EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.1070. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains towards the resistance level at 1.1115.
Resistance level: 1.1115, 1.1155
Support level: 1.1070, 1.1030
USDJPY, H1: USDJPY was traded lower while currently testing the 50 moving average line (Blue). MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses after successfully breakout below the 50 moving average line (Blue).
Resistance level: 106.20, 106.65
Support level: 105.60, 105.10
AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level at 0.6750. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 0.6695.
Resistance level: 0.6750, 0.6795
Support level: 0.6695, 0.6635
NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.6330. MACD which illustrate bearish bias momentum suggest the pair to extend its losses after its candle successfully close below the support level at 0.6330.
Resistance level: 0.6395, 0.6490
Support level: 0.6330, 0.6270
USDCAD, H4: USDCAD was traded higher following prior breakout above the 20 and 50 moving average line. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.3335.
Resistance level: 1.3335, 1.3385
Support level: 1.3275, 1.3220
USDCHF, H4: USDCHF was traded lower following prior retracement from the higher level. MACD which illustrate diminishing bullish momentum suggest the pair to extend its retracement toward the support level at 0.9775.
Resistance level: 0.9840, 0.9890
Support level: 0.9775, 0.9730
CrudeOIL, Daily: Crude oil price was traded higher while currently testing the resistance level at 55.90. MACD which display bullish momentum and the formation of golden cross suggest the commodity to extend its gains after successfully breakout above the resistance level at 55.90.
Resistance level: 55.90, 56.80
Support level: 54.65, 53.00
GOLD_, H4: Gold price was traded lower following prior retracement near the resistance level at 1548.05. MACD which display bearish momentum suggest the commodity to extend its retracement toward the support level at 1526.90.
Resistance level: 1548.05, 1565.50
Support level: 1526.90, 1507.10